Module 1 Assignment

Answer the following questions regarding Business Entities as discussed in Module 1.

1.Name three advantages and three disadvantages of a Sole Proprietorship.

2.In a General Partnership how are profits and losses shared if there isn't a written agreement?

3.What is a Joint Venture?

4.What IRS form is filed for a Partnership?

5.Name three items that will increase and three items that will decrease the Basis in a Partnership.

6.Name three Separately Stated items on a Partnership return.

7.Name three Specially Allocated items on a Partnership return.

8.What IRS form does a partner in a partnership receive with his share of income?

9.What is a single member LLC also known as?

10. What is the different between an LLC and a S. Corporation?